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market insight

SouthBay Market Insight 2014_February


www.Shorewood.com

Manhattan Beach 917 Manhattan Beach Blvd. 310.545.8401

Manhattan Beach 3300 Highland Avenue 310.546.7661

Manhattan Beach 916 Manhattan Avenue 310.549.5000


Hermosa Beach 950 Artesia Blvd. 310.376.8871

Redondo Beach 1009 Torrance Blvd. 310.516.8464

El Segundo Palos Verdes Estates 431 Main Street 16 Malaga Cove Plaza 310.522.4900 310.698.1555


Insight Guidance

Designed to give you a quick, complete overview of both current and past market conditions, this South Bay Market Insight report covers Manhattan Beach, Hermosa Beach, Redondo Beach, El Segundo, Torrance, Hawthorne, Gardena, Lawndale and Lomita. First, we examine Year Over Year statistics, compiled from carefully collected sales data. Percent change—which was calculated by subtracting past value from current value, and dividing that product by past value—gives you a quick snapshot of how each micro-market has improved or worsened over the past year for that particular metric. Next, the Yearly Median Price graph tracks the median price of properties for each month over the past year. The median price is not the same as average price; it is the price of the property that falls in the middle of the total number of properties for sale in that particular micro-market. Finally, the Key Stats section illustrates Median Sales Price, Average Sales Price of Closed Sales, Listings for Sale, Listings Under Contract, and Properties Sold. On the next page you will find an explanation of how each value was determined.


were added. This is calculated by dividing Not to be confused with Average Price, the total number of homes for sale in Median Price is the price of the property a particular month by the number of that falls in the middle of the total homes that sold in that month. Four to number of properties for sale in that five months’ supply is average. A smaller particular micro-market. Extremely high number means there are more buyers and extremely low prices do not affect than sellers; a larger number means more the median the way they do the average. sellers than buyers. MEDIAN PRICE:

AVERAGE PRICE PER SQUARE FOOT:

Found by taking the price of each property and dividing that by its square footage, then finding the average for all properties sold in the area that month. PROPERTIES SOLD:

The number of properties that closed escrow and changed ownership during the month. PROPERTIES UNDER CONTRACT:

The number of properties that are in escrow. PROPERTIES FOR SALE:

The number of properties that are for sale on the market.

ABSORPTION RATE (CLOSED SALES):

This is the rate at which properties sell. It is found by taking the number of properties sold and dividing it by the total number of properties for sale. This measures the inverse of Monthly Supply of Inventory and represents how much of the current active listings (as a percentage) are being absorbed (sold or pended) each month. The Absorption Rate is presented as a percentage (%) of the current inventory. PERCENT UNDER CONTRACT:

The ratio of properties for sale to properties pending sale. AVERAGE MEDIAN PRICE:

DAYS ON MARKET (CLOSED SALES):

The Average Median Price for the Last 12 Months is sales data from 12 months ending in the identified month

MONTHS SUPPLY OF INVENTORY:

LEGAL All reports are published March 2014, based on data available at the end of February 2014. All reports presented are based on data supplied by the CARETS. Neither the Association nor its MLS guarantees or is in anyway responsible for its accuracy. Data maintained by the Association or its MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.

The average number of days that properties were on the market, from date of initial listing to date they entered escrow. The number of months it would take for all the current homes for sale in that micro-market to sell if no new listings


Manhattan Beach Year Over Year Median Price Average Price Per Sq. Foot Properties Sold

Feb. 2013 Feb. 2014 % Change $1,162,000 $1,953,000 68% $881 $1,014 15% 22 26 18%

Properties Pending Sales

33

33

-

Properties for Sale

44

36

Days on Market (Sold Homes)

81

52

Monthly Supply of Inventory

2

1.4

Absorption Rate (closed sales)

50%

72.2%

-18% -36% -30% 44%

Feb. 2013 to Feb. 2014 Yearly Median Price Tracking (in $,000)

$1,553 $1,162

$1,725

$2,152

$1,987

$1,908 $1,610 $1,540

$1,685 $1,705

$1,520

$1,395

$1,953


Key February Stats

Median Sales Price*

$1,824,580

Average Sales Price (Closed)*

$2,083,000

Sold 26

Listings for Sale

Active 36

36 Under Contract

33

Pending 33

Sold

26 *12 month average

market insight


Hermosa Beach Year Over Year Median Price Average Price Per Sq. Foot Properties Sold Properties Pending Sales Properties for Sale Days on Market (Sold Homes) Monthly Supply of Inventory Absorption Rate (closed sales)

Feb. 2013 Feb. 2014 % Change $901,000 $1,390,000 54% $765 $630 -18% 12 15 25% 18 19 6% 37 36 -3% 115 23 -80% 3.1 2.4 -23% 32.4% 41.7% 29%

Feb. 2013 to Feb. 2014 Yearly Median Price Tracking (in $,000)

$901

$1,000

$1,140 $1,101

$1,250

$1,160 $1,208

$1,390

$1,300 $1,065

$1,114

$1,023

$878


Key February Stats

Median Sales Price*

$1,210,830

Average Sales Price (Closed)*

$1,419,417

Sold, 15

Listings for Sale

36 Under Contract

Active, 36 Pending, 19

19 Sold

15 *12 month average

market insight


Redondo Beach Year Over Year

Feb. 2013 Feb. 2014 % Change $756,000 $760,000 1% $411 $458 11% 56 53 -5% 59 69 17% 84 86 2% 63 46 -27% 1.4 2 43% 70.9% 50.5% -29%

Median Price Average Price Per Sq. Foot Properties Sold Properties Pending Sales Properties for Sale Days on Market (Sold Homes) Monthly Supply of Inventory Absorption Rate (closed sales)

Feb. 2013 to Feb. 2014 Yearly Median Price Tracking (in $,000) $795 $756

$745 $704

$706

$778

$795 $763

$780 $750 $715

$770

$760


Key February Stats

Median Sales Price*

$818,080

Average Sales Price (Closed)*

$873,7500

Sold, 53

Listings for Sale

Active, 105

105 Under Contract

86

Pending, 86

Sold

53 *12 month average

market insight


El Segundo Year Over Year

Feb. 2013 Feb. 2014 % Change $721,000 $854,000 18% $417 $487 17% 7 2 -71%

Median Price Average Price Per Sq. Foot Properties Sold Properties Pending Sales

9

9

-

Properties for Sale

9

14

Days on Market (Sold Homes)

140

60

Monthly Supply of Inventory

1.3

7

Absorption Rate (closed sales)

77.8%

14.3%

56% -57% 438% -82%

Feb. 2013 to Feb. 2014 Yearly Median Price Tracking (in $,000) $721

$738

$830

$865

$775

$773

$719

$755

$803

$719

$743

$800

$854


Key February Stats

Median Sales Price*

$841,250

Average Sales Price (Closed)*

Sold 2

$872,333 Listings for Sale

14

Pending 9

Under Contract

9 Sold

2 *12 month average

market insight

Active 14


Torrance Year Over Year Median Price Average Price Per Sq. Foot Properties Sold Properties Pending Sales Properties for Sale Days on Market (Sold Homes) Monthly Supply of Inventory Absorption Rate (closed sales)

Feb. 2013 Feb. 2014 % Change $480,000 $512,000 7% $332 $382 15% 67 80 19% 99 96 -3% 89 126 42% 70 54 -23% 1.3 1.6 23% 75.3% 63.5% -16%

Feb. 2013 to Feb. 2014 Yearly Median Price Tracking (in $,000)

$480

$478

$543

$555

$562

$608

$551

$539

$550

$515

$555

$524

$512


Key February Stats

Median Sales Price*

$581,000

Average Sales Price (Closed)*

$600,500 Listings for Sale

Sold 80 Active 126

126 Under Contract

96

Pending 96

Sold

80 *12 month average

market insight


Hawthorne Year Over Year Median Price Average Price Per Sq. Foot Properties Sold Properties Pending Sales Properties for Sale Days on Market (Sold Homes) Monthly Supply of Inventory Absorption Rate (closed sales)

Feb. 2013 Feb. 2014 % Change $349,000 $400,000 15% $291 $294 1% 28 19 -32% 28 23 -18% 43 72 67% 52 53 2% 1.5 3.8 153% 65.1% 26.4% -59%

Feb. 2013 to Feb. 2014 Yearly Median Price Tracking (in $,000) $459 $349

$370

$397 $338

$395

$372

$445

$428 $349

$459 $399

$400


Key February Stats

Median Sales Price*

$430,000

Average Sales Price (Closed)*

$450,250

Sold 19

Listings for Sale

72

Pending 23 Active 72

Under Contract

23 Sold

19 *12 month average

market insight


Lawndale Year Over Year

Feb. 2013 Feb. 2014 % Change $300,000 $422,000 41% $187 $256 37%

Median Price Average Price Per Sq. Foot Properties Sold

9

9

-

Properties Pending Sales

13

8

Properties for Sale

11

16

Days on Market (Sold Homes)

100

72

Monthly Supply of Inventory

1.2

1.8

Absorption Rate (closed sales)

81.8%

56.3%

-38% 45% -28% 50% -31%

Feb. 2013 to Feb. 2014 Yearly Median Price Tracking (in $,000) $435

$402 $300

$315

$316

$310

$320

$365

$388

$422 $350

$365

$366


Key February Stats

Median Sales Price*

$387,830

Average Sales Price (Closed)*

$382,583

Sold 9

Listings for Sale

Active 16

16 Under Contract

Pending 8

8 Sold

9 *12 month average

market insight


Lomita Year Over Year

Feb. 2013 Feb. 2014 % Change $394,000 $475,000 21% $314 $369 18% 8 4 -50% 8 11 38% 8 24 200% 56 35 -38% 1 6 500% 100% 16.7% -83%

Median Price Average Price Per Sq. Foot Properties Sold Properties Pending Sales Properties for Sale Days on Market (Sold Homes) Monthly Supply of Inventory Absorption Rate (closed sales)

Feb. 2013 to Feb. 2014 Yearly Median Price Tracking (in $,000) $560 $394

$412

$466

$484

$423

$479

$440

$430

$502 $430

$475 $400


Key February Stats

Median Sales Price*

$491,250

Average Sales Price (Closed)*

Sold 4

$496,000 Listings for Sale

24

Pending 11 Active 24

Under Contract

11 Sold

4 *12 month average

market insight


Gardena Year Over Year Median Price Average Price Per Sq. Foot Properties Sold Properties Pending Sales Properties for Sale Days on Market (Sold Homes) Monthly Supply of Inventory Absorption Rate (closed sales)

Feb. 2013 Feb. 2014 % Change $310,000 $375,000 21% $213 $222 4% 39 25 -36% 50 42 -16% 57 63 11% 74 63 -15% 1.5 2.5 67% 68.4% 39.7% -42%

Feb. 2013 to Feb. 2014 Yearly Median Price Tracking (in $,000) $310

$328

$323

$347

$358

$340

$354

$355

$360

$371

$356

$365

$375


Key February Stats

Median Sales Price*

$378,500

Average Sales Price (Closed)*

$373,417

Sold 25

Listings for Sale

Active 63

63 Under Contract

Pending 42

42 Sold

25 *12 month average

market insight


market insight

Manhattan Beach 917 Manhattan Beach Blvd. 310.545.8401 Manhattan Beach 3300 Highland Avenue 310.546.7661 Manhattan Beach 916 Manhattan Avenue 310.549.5000 Hermosa Beach 950 Artesia Blvd. 310.376.8871 Redondo Beach 1009 Torrance Blvd. 310.516.8464 El Segundo 431 Main Street 310.522.4900 Palos Verdes Estates 16 Malaga Cove Plaza 310.698.1555 www.Shorewood.com

copyright 2014 Shorewood Realtors


SWD SouthBay Market Insight Report 2014 February